READING, Pa., Nov. 28, 2023 — Harmony Senior Housing, an initiative led by the Small Business Resource Center Online, unveils an ambitious plan to address the critical shortage of affordable senior housing in Reading, Pennsylvania. With the vision of providing a safe haven for seniors facing the challenges of escalating rent rates and limited fixed incomes, Harmony Senior Housing aims to create a vibrant community space where seniors can live comfortably without fear of eviction or unfair rental hikes.

The pressing issue of inadequate affordable housing for seniors is one that strikes at the heart of the community. Recent statistics reveal that over 20% of Reading’s residents are aged 65 and older, a number expected to rise. Despite this, the availability of suitable and affordable housing options for seniors falls woefully short.

“We’ve witnessed too many seniors on fixed incomes being forced out of their homes due to rising property taxes and unaffordable rents. Trying to help them one by one isn’t enough. We need a collective effort to make a lasting change,” states Peter B Gustis, Founder and Principal of Harmony Senior Housing.

The flagship project of Harmony Senior Housing involves the conversion of a blighted 125,796 square foot warehouse at 500 N 3rd Street, Reading, PA, into 188 to 244 affordable senior apartments. The total cost for this transformative project is estimated at $30 million, with each unit approximately costing $135,245.

The development isn’t merely about creating affordable apartments; it’s about fostering a thriving community. “At Harmony Senior Housing, we’re building more than just homes; we’re cultivating a vibrant association where seniors actively participate in creating a fulfilling lifestyle,” affirms Gustis.

The planned amenities include a community center, fitness facilities, cafeteria, salon and spa, rooftop decks, and transportation services. Seniors will have the opportunity to engage in diverse activities, from wellness workshops to social mixers, art exhibitions, and intergenerational events with local schools and colleges.

The timeline for the development spans approximately 24 months, divided into phases ranging from pre-development assessments to post-construction stabilization.

To realize this vision, Harmony Senior Housing is seeking support and contributions from local and national businesses, corporations, and individuals who share the commitment to improving the lives of seniors in the community.

For more information on Harmony Senior Housing, donation opportunities, and to join the cause, visit www.HarmonySeniorHousing.org.

Harmony Senior Housing is a beacon of hope for seniors seeking stability, security, and a community where they can thrive. Your support can turn blight into a thriving haven for those who deserve a dignified and comfortable place to call home.

Contact:
Peter B Gustis
Small Business Resource Center Online, Inc
Dba Harmony Senior Housing
Registered non-profit
[email protected]
610-209-9219

SOURCE Harmony Senior Housing

SALT LAKE CITY, Nov. 28, 2023 — Tower Arch Capital, LP (“Tower Arch Capital”) a Salt Lake City, UT-based investment firm, is pleased to announce the closing of Tower Arch Partners III, LP and its parallel investment entity (collectively, “Fund III”) with $750 million of capital commitments. Fund III closed at its hard cap in a single closing and was substantially oversubscribed.

The fund’s investors include current and former management team members, foundations, diversified financial institutions, university endowments, and family investment offices. Tower Arch Capital professionals are significant investors personally and remain, collectively, the largest investor across all three funds, driving alignment between the firm and its Limited Partner base. With the closing of Fund III, Tower Arch now has $1.6 billion of assets under management across its three funds along with investor and management co-investments.

“We are grateful for the strong support from our existing investor base, which led to a quick and efficient fund closing. We also look forward to associating with the many new Limited Partners who have joined us for Fund III,” said David Topham, Partner and Co-Founder of Tower Arch Capital. “This milestone is a testament to the team we have built at Tower Arch and to the outstanding entrepreneurs and management teams with whom we have partnered.”

Fund III’s investment focus will continue to be in the lower middle market, targeting transformational opportunities where founder and family-owned businesses with strong management teams are looking for a capital partner to help with growth, strategic support, and professionalization. Most of the platform companies targeted by Tower Arch have EBITDA between $5 and $30 million, with smaller add-on acquisitions sought for existing portfolio companies.

“We are proud of the relationships we have created since our inception with our investors and the business owners and management teams we partner with. We continue to find exciting opportunities where families and founders understand the importance of the collaboration and thoughtful alignment Tower Arch brings as a partner,” said Rhett Neuenschwander, Partner and Co-Founder of Tower Arch Capital. “We are also pleased to have many of our previous management team members join us as investors in Fund III.”

Shannon Advisors acted as placement agent, and Ropes & Gray acted as legal counsel.

About Tower Arch Capital

Headquartered in Salt Lake City, UT, Tower Arch Capital is a lower middle market private equity fund. Tower Arch partners with management teams of high-quality family and entrepreneur-owned companies to deliver long-term value. The firm brings operational, consulting, and financial expertise to their portfolio companies to give them the tools they need to achieve their full potential. For more information, please visit www.towerarch.com.

SOURCE Tower Arch Capital

PayGround will utilize the funding to drive market expansion, expand the senior leadership team and continue to simplify healthcare payments for all

GILBERT, Ariz., Nov. 28, 2023 — PayGround, a healthcare fintech payments platform, today announced closing a $19.7M oversubscribed Series A financing led by SixThirty with participation from Rally Ventures, IA Capital Group, FCA Venture Partners and Plug and Play Ventures. The funding will bolster the company’s rapid expansion into hospitals and health systems, building on its success in the ambulatory market, as well as grow its senior leadership team.

The company has grown annual revenue by over 560% over the past three years, demonstrating its ability to deliver on its mission to simplify how individuals and families pay for healthcare so they can spend their time on more important things.

“Most Americans have encountered the fragmented experience of paying healthcare bills. PayGround empowers individuals and families with a dedicated digital wallet in which they can manage and pay all their healthcare provider bills in one place,” says Drew Mercer, co-founder and CEO of PayGround. “Plus, by providing patients with an incredibly convenient way to pay for healthcare, paired with financial optionality, the revenue cycle outcomes for healthcare providers are naturally strengthened. It’s a win-win for all key stakeholders.”

“Payments, and particularly out-of-pocket payments, continue to be a vexing pain point for healthcare providers and patients. With this current round of funding, PayGround will continue to grow as a recognized and trusted partner for providers and patients — modernizing the way healthcare payments are made in the U.S.,” says Andrew Wegrzyn, Principal at SixThirty. “PayGround continues to enhance the patient and provider relationship, ensuring that advanced financial technology benefits patients and providers alike.”

Funds will also be allocated to enhance PayGround’s platform with additional value for hospitals, health systems, independent practices and patients that will further enable payor connectivity.

“PayGround’s modern, patient-centric approach to healthcare payments fills a meaningful market need,” says Matt Perlman, Partner at IA Capital Group. “We believe in PayGround’s vision to help payors, providers and patients collaborate to cover out-of-pocket expenses, and we’re excited to connect PayGround with IA’s broad network and experience with insurance companies as they continue to innovate how people pay for healthcare.”

“PayGround has proven its value in helping consumers better understand and pay for healthcare expenses, while improving the revenue cycle process for both provider and patient,” adds Justin Kaufenberg, Managing Director at Rally Ventures. “Our team is eager to partner with PayGround and to contribute our expertise in identifying areas of opportunity and increasing revenue streams.”

About PayGround
PayGround is a healthcare payments platform that streamlines the payment experience for providers and patients. For patients, it’s an easy-to-use mobile app to manage, track and pay all medical bills in one secure place. For medical providers, it’s a modernized payment platform that reduces costs, simplifies processes and boosts patient and employer satisfaction. PayGround – the meeting place for healthcare payments. Learn more at payground.com.

Media Inquiries: Jana Berrelleza, pr@payground.com

SOURCE PayGround

Funding positions Second Front to continue rapid global expansion and support customers across commercial and public sector markets

WILMINGTON, Del., Nov. 28, 2023 — Second Front Systems™ (2F), a public-benefit software company accelerating the delivery of mission-critical software solutions to the government, today announced their Series B funding round of $40 million. The round was led by NEA with current investors Moore Strategic Ventures and AE Industrial Partners HorizonX also participating, bringing Second Front’s total funding to date to $80.1 million.

“This significant investment represents a strong vote of confidence in the Second Front team, our vision for the Game Warden platform, and the value we’re delivering for our customers,” said Tyler Sweatt, CEO, Second Front Systems. “By removing the complexity from deploying and consuming commercial software across the public sector, we’re transforming the relationship between two critical communities while improving national security. Doing this without sacrificing security or transparency will have a generational impact not only on the safety of nations, but on the day-to-day lives of those working to defend them.”

Second Front has experienced over threefold growth year-over-year, expanding support both across the USG and internationally with an initial focus on the United Kingdom, Australia, and NATO. This funding allows the acceleration of expanded capabilities across classified networks and additional security regimes. Organizations like Aalyria and Adarga leverage Game Warden to rapidly deploy their software to government customers around the world, while AFWERX Prime recently selected Game Warden to support a major USAF Autonomy program.

“Deploying software to government purchasers has historically been a challenging, expensive, and time-consuming process – so much so that many companies have shied away from doing so altogether. We are thrilled to lead this investment in Second Front because they thoroughly and instantly change that landscape for business-to-government focused organizations, allowing them to bring software to the government market within days, not years,” said Aaron Jacobson, Partner, NEA. “By shortening the process of receiving an Authority to Operate while also drastically reducing cost, Second Front ensures technological advancement at a governmental level while also enabling an entirely new market of software companies to flourish in the broader market.”

Aaron Jacobson will join the Board of Directors at Second Front on NEA’s behalf, with Dan Miller serving as an Observer. Aaron joins Drew Podgorski of Moore Strategic Ventures, Matt Conner, CISO of Westinghouse Electric and previously CISO of the Office of the Director of National Intelligence (ODNI), Peter Dixon, and Tyler Sweatt on the Board.  

This announcement follows the opening of Second Front’s UK office, selection of Game Warden for AFWERX Prime, and appointments of Matt Conner as independent board member and Lathan Turner as EVP of Global Public Sector.

For more information, visit www.secondfront.com.

About Second Front Systems

Second Front Systems (2F) fast-tracks government access to disruptive, commercially-proven software as a service (SaaS) applications for national security missions. Leading software providers—ranging from publicly traded defense contractors to startups—and global government agencies trust 2F’s Game Warden DevSecOps platform and secure cloud hosting environment to accelerate their delivery and harness the cloud revolution at scale. For more information, visit https://secondfront.com.

About NEA

New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. Founded in 1977, NEA has over $25 billion in assets under management, as of March 31, 2023, and invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of investing includes more than 270 portfolio company IPOs and more than 450 mergers and acquisitions. For more information, please visit www.nea.com.

MEDIA CONTACT:
Erica Sunkin
[email protected] 

SOURCE NEA

Emerging Calendar Platform is Addressing Modern Workforce Scheduling and Meetings Challenges

NEW YORK, Nov. 28, 2023 — Vimcal, the calendar app of choice for many founders, executives, and investors in the tech sector, today announces a $4.5 million fundraise led by Altos Ventures. This significant investment reflects Vimcal’s rapid growth and the growing market need for a cohesive, accurate meeting booking and scheduling platform that keeps pace with today’s distributed, globalized workforce.

John Li, Vimcal’s CEO and co-founder, reflects on the company’s journey and its latest achievement: “This funding round marks a pivotal moment in Vimcal’s story. It’s in our DNA to solve the scheduling pain point for the busiest individuals who have the most hectic calendars, and this funding will let us expand our services to cater to their teams and even entire company.”

As Vimcal embarks on this new chapter of growth, the latest funding is a catalyst for its multiplayer features and enterprise motion. This investment solidifies Vimcal’s mission to provide an advanced calendar experience, one that transcends traditional scheduling to become an indispensable, intelligent assistant for the modern professional’s diverse and dynamic needs.

Vimcal’s growth trajectory is particularly evident in the rapid adoption of its recently-launched second product, Maestro, the first calendar designed specifically for executive assistants.

“We were impressed with the team’s ability to rapidly iterate on the product based off customer feedback. We believe there is a huge opportunity in solving everyday scheduling and meeting pains, particularly those of Executive Assistants, who are a vastly underserved demographic,” said Dillon Krasnigor of Altos Ventures. “We see tremendous potential in Vimcal’s vision and are excited to partner with the team.”

“70 percent of EAs manage more than one executive’s calendar. Every meeting is high stakes and no mistakes can be made, which makes building software for EA’s an incredibly complex challenge,” describes Li. “They’re the Navy Seals of calendar users. If we can build a calendar for them, we can build a calendar for anybody.” This development signifies Vimcal’s expanding influence in large enterprise organizations, revolutionizing the management of executive calendars with unprecedented accuracy and effectiveness.

In addition to the rollout of Maestro, the enthusiastic adoption of Vimcal’s AI features is duly noteworthy in the company’s innovative approach and growth, offering capabilities that extend far beyond traditional calendar capabilities.

Vimcal’s AI-driven Free Time Finder scans schedules to suggest the best meeting times, considering factors such as participants’ availability and preferred meeting hours. Additionally, the Company Briefs feature enriches data on participants with concise profiles, ensuring users are well-informed and ready for their meetings. These AI functionalities demonstrate Vimcal’s commitment to enhancing productivity and streamlining the complex dynamics of modern scheduling.

Echoing the sentiments of Vimcal’s growing user base, Joe Gebbia, Co-founder of Airbnb, attests to the platform’s utility: “Vimcal wins for a great product. Running my life is easier thanks to their care for detail and obsession with listening to their customers.”

With this latest influx of funding, Vimcal is set to redefine the meeting experience in today’s modern professional landscape. “I always like to say — Vimcal is Meetings company, not a Calendar company.” Beyond traditional scheduling, Li says that Vimcal, bolstered by its advanced AI functionalities, the innovative Maestro platform, and innovative features on the roadmap, is evolving into the comprehensive meeting platform. Its design caters to those with the highest demands for productivity and software, positioning Vimcal as an essential platform  for high performers and their teams in today’s dynamic work environment.

About Vimcal
Founded in 2018 and part of YCombinator’s S18 batch, Vimcal has established itself as the world’s fastest calendar, designed for remote workers. Celebrated as the #1 Product of the Month on Product Hunt in October 2021, Vimcal is backed by a prestigious group of investors, including founders and CEOs of Airbnb, YouTube, and Twitter.

SOURCE Vimcal

The announcement brings together a powerhouse combination from both the AI and cannabis sectors. 

BROOKLYN, N.Y., Nov. 28, 2023 — Prelude (“Prelude” or “the Company”) announced its $5.2 million seed financing round, bringing together venture investors from the AI and cannabis investment sectors, to build the first AI-powered supply chain solution for the cannabis ecosystem. The round was led by Rackhouse Ventures, a pioneer in AI/ML investment, and Casa Verde, an iconic firm in cannabis technology investing. Prelude’s Co-Founders, Michael E. Murphy and Andrew Copp, bring together a team with deep retail and technology backgrounds, who are empowering the cannabis industry with an action-oriented data platform to accelerate growth in spite of the industry’s policy-driven financial constraints.

“The data available within the cannabis industry is robust, but the tools to truly operationalize this data in order to streamline operations, maximize profitability and improve cash flow have been lacking…until now,” said Michael E. Murphy, Prelude’s Co-Founder. “The purchase of inventory is the single largest ongoing cost for any retailer. Truly great retailers know exactly how much to buy or produce and exactly where it needs to go. That’s exactly why we’re building Prelude.”

“We’re excited to be building upon the foundation laid by the industry’s first movers, to create improved solutions for the industry’s highest value problems,” said Andrew Copp, Prelude’s Co-Founder. “What Billy Beane did for baseball with Moneyball, we plan to do for cannabis with a new way to manage purchasing and inventory health. The math behind the magic is complicated, but the outcomes are straightforward.”

The relative newness, extreme complexity and highly fragmented nature of the cannabis industry’s supply chain has created a real opportunity for what Prelude delivers. 

“At Rackhouse, we look for opportunities outside of the traditional areas where AI is used. Areas that don’t fall in the strike zone of many investors. We found that with Prelude,” said Kevin Novak, Founder of Rackhouse Venture Capital. “We are excited to be empowering the best teams to help solve major data problems in nascent industries, like Prelude will be doing for cannabis.”

Prelude is built to drive action, not simply surface data. While Prelude is currently focused on unlocking value for the industry’s retail layer – by helping dispensaries decide which products to buy and in what quantities in order to optimize inventory assortments and associated administrative costs – it plans to create the same value across the entire supply chain; from seed to sale and every step in between. 

“Our portfolio consists of companies that make up the core infrastructure of the cannabis industry. That is exactly how we see Prelude: an essential component of a sophisticated tech stack.” said Karan Wadhera, Managing Partner of Casa Verde Capital.

“Seeing the impact that Prelude had on our profitability and cash flow, simply by using the data at our fingertips, was mind blowing.” said Glenn Standridge, Owner of Green Dragon. “The ways that Prelude is helping our business are incredible.” 

For more information visit: https://www.prelude.pro/

Prelude
Prelude is purpose-built to reduce out of stocks and overstocks at cannabis dispensaries in order to improve sales, profitability and cash flow. Prelude’s team brings deep tech and retail expertise from industry leaders including Amazon, Adobe and Zara.

Rackhouse
Rackhouse Ventures is an early-stage venture fund investing in emerging AI/ML companies that are building applications and middleware utilizing data and AI/ML as part of their core value proposition to disrupt an existing industry.

Casa Verde
Casa Verde is the leading venture capital firm focusing on the cannabis industry. As both the domestic and international cannabis markets continue to evolve and mature, Casa Verde maintains a view that the industry will offer one of the most compelling investment opportunities of our generation.

Prelude Contact:
Samantha Alessi
310-853-3040
[email protected]

Prelude Media Contact:
Francy Wade
857-891-2715
[email protected] 

SOURCE Prelude Products Inc

LONDON, Nov. 28, 2023 — Rad (https://rad.live), the innovative video streaming platform for Web 3, has secured significant funding in a follow-on round led by Ayre Ventures. Rad is also pleased to announce it has incorporated the use of BSV Blockchain into its publishing and purchasing flow for transactional video on demand (TVOD) and open or limited edition NFT video. In addition, Rad has integrated with HandCash, a leading mobile and web wallet that users can connect to apps, games, and websites to stream money directly, to help facilitate payments. This means one can create and purchase content on Rad without needing a browser plugin, and the company can easily expand other forms of payment.

This product release and new investment creates an unrivaled opportunity for creators and studios to release content to major streaming devices. Content creators and studios can now upload video to Rad, set all metadata associated with the video, fix pricing, and enable an arbitrary number of revenue shares and royalties to multiple payees. This means that anyone receiving payment from the sales of content can be paid directly, such as actors, musicians, agents, and more.

This platform launch will help actors and writers receive payments immediately and transparently for their work and redefines how contracting, legal, and accounting will work for selling premium content online. The publishing and payments use the native blockchain’s currency initially but will support accepting any payment type in the future, as well as payouts to traditional fiat currencies.

“Rad is excited to expand its integration of blockchain technologies with real use cases, and do so in a way that creators and viewers don’t have to think about,” said Tony Mugavero, CEO of Rad. “Who published the content, who purchased it, and who gets paid, should all be transparent and instant as well as verifiable by all parties involved. It reduces legal and accounting overhead and provides an extra layer of trust that hasn’t existed in the black boxes of streaming companies.”

Ayre Ventures founder Calvin Ayre hailed the development, saying: “The recent Hollywood actor and writer strikes showed the importance of updating rights agreements in tandem with technological change to ensure creators are properly compensated for their efforts. Ayre Ventures is pleased to support Rad’s ongoing work to demonstrate the pivotal role that enterprise blockchain technology can play in these endeavors. Sunlight is the best disinfectant, and BSV Blockchain-powered transparency is the best method of ensuring a fair shake for all.”

For the gas price of a single transaction on Ethereum, Rad can create 500,000 videos on BSV Blockchain. Leveraging the power of blockchain for transparency and immediacy of payments can’t be prohibitively expensive. “This is a solution to the lack of transparent and fair payouts in the streaming business, which has led to writers and actors striking, and creators leaving social platforms while struggling to pay bills,” Mugavero added. “Major studios have hundreds of lawyers and accountants shuffling money between departments, countless middlemen and agencies taking a piece of the pie, and there is no easy way to guarantee everyone is paid the right amounts. Blockchain solves this problem and enables instant payouts to the right recipients while giving ownership back to the people.”

Media Contact

[email protected] 

About Rad

Rad is revolutionizing the digital streaming industry. The rise of the internet both amplified and hindered creators’ autonomy and connection with their audiences. By empowering creators to focus on their passion and art, Rad utilizes cutting-edge technologies, enabling instant and transparent payouts. This marks the dawn of a new content era, where fans can directly engage with and support artists, becoming true participants in the movement rather than mere consumers. Positioned at the forefront of streaming evolution, Rad serves as the foundation for tomorrow’s media landscape.

Currently, the platform offers subscription options and on-demand purchases, with fans fully owning entitlements through blockchain technology and NFTs. With unparalleled entertainment experiences from top-tier creators and studios, Rad is accessible on multiple devices, including PlayStation 5, PSVR, Oculus Quest, iOS, Google TV, and more. Collaborating with industry giants like Google, Sony, Disney, Viacom, and NBCUniversal, Rad is reshaping the distribution of content for the modern age.
https://rad.live/ 

About Ayre Ventures

Ayre Ventures, founded by renowned venture capitalist and philanthropist Calvin Ayre, provides funding to scalable, high-growth businesses within the BSV blockchain ecosystem, the only infinitely scaling enterprise public blockchain. The Group targets investment in innovative ideas and ambitious projects that are ‘positively disruptive’, supporting their expansion with the Group’s extensive network and industry partners.
https://ayre.group/investments/

About BSV Blockchain

One Blockchain for Everyone.

The BSV Association leads the BSV Blockchain for Enterprise and Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain. The BSV Blockchain oversees the creation of technical standards and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem. The original Bitcoin protocol and its scripting language provide powerful technical capabilities that BSV has restored.

SOURCE BSV Blockchain

STOCKHOLM, Nov. 28, 2023 — Software company Idun has developed ProptechOS, an operating system for building data, in close collaboration with key players in the real estate industry, notably with Vasakronan as a key client and investor. Idun is now entering its next phase, and today announced the closure of a round of funding led by Software-as-a-Service investor Partinc.

ProptechOS has been on the market since 2019 and boasts users in Sweden, Norway, Denmark, Finland, Germany, and the USA. The real estate industry is only beginning to embrace digitalization, which holds immense potential for optimizing resource usage across various domains, such as energy consumption, operations, and utilization while enhancing client experiences. Access to data and the ability to scale solutions cost-effectively are crucial in this development.

“Until now, we have collaborated with our clients to develop ProptechOS into a useful product, following the principles of other cloud platforms. Almost all our clients are rapidly transitioning from pilot to wide production. This makes it the right time to introduce new shareholders, and Partinc brings impressive expertise in scaling SaaS companies internationally,” says Per Karlberg, co-founder and CEO of Idun.

ProptechOS is a SaaS platform built on the open standard RealEstateCore, facilitating the integration of all applications within the PropTech world. This ensures property owners are future-proofed, as they only need to build a single integration with ProptechOS, rather than integrating each application with every individual system in their properties. Furthermore, the platform makes it cost-effective to add, improve, or replace PropTech solutions at scale.

“Growing ProptechOS in collaboration with the company’s founders and Vasakronan will be immensely intriguing. We see significant potential in ProptechOS’s offerings, given that the market is virtually limitless. Additionally, it is great that Partinc, through ProptechOS, can contribute to reducing environmental impact in the real estate industry, one of the world’s largest industries,” concludes Per Nordling, founder and partner at Partinc.

Contact Information:

Per Karlberg, Founder and CEO at ProptechOS (Idun Real Estate Solutions AB)
Email: [email protected], Phone: +46(0)704-93 23 61

Per Nordling, Founder and Partner at Partinc
Email: [email protected], Phone: +46(0)733-50 79 21

About Idun and ProptechOS:

Idun is a Swedish software company developing ProptechOS, an IoT platform that collects real-time data from building management systems, BIM, business data, and IoT devices, harmonizes it, contextualizes it, and makes it available to building owners, building operators, facility managers, and end users. The platform allows for the use of PropTech apps on buildings for optimization purposes and is configured to scale with your growth using ProptechOS’ application ecosystem. ProptechOS optimizes energy use, presence analytics, environmental certification, predictive maintenance, and other innovative use cases.

About Partinc:

Partinc is a European investment firm specializing in SaaS companies that offer software services within the B2B segment. As an active investor, Partinc works closely with its portfolio companies, primarily in the Nordic and Benelux countries. The company maintains offices in Sweden and the Netherlands. For more information, visit: www.partinccapital.com

For other media inquiries, contact:

ProptechOS
Dr. Erik Wallin, Chief Ecosystem Officer
Nybrogatan 8
114 34 Stockholm, Sweden

Phone: +46 70 412 49 00
Mail: [email protected] 
Website: www.proptechos.com

The following files are available for download:

BUDAPEST, Hungary, Nov. 28, 2023 — Central and Eastern European member states play a significant part in the agricultural production and economic performance of the European Union. While the EU’s agricultural policy focuses on supporting the agriculture of the region’s the member states, food safety is becoming a more urgent issue due to climate and geopolitical changes, which encourages the founding of developments within the sector. In recent years, Hungary has seen a significant rise in capital investments in agriculture, in line with current trends. Following numerous successful investments, agro-technological companies producing for export are poised for continued growth. Hiventures, a member of the MFB Group, offers the right financing environment and opportunities for development and expansion.

UBM Holding Nyrt.: As the leading feed industry, grain, and protein crop trader in the region, the company group successfully increased its capital on the Budapest Stock Exchange by approximately 13.5 million euros last year through Hiventures’ corporate investment. This capital infusion has solidified the financial stability of the company group, enabling them to expand not only within Hungary but also into the Romanian and Slovak markets, which will further boost their export market share.

The group has established a presence in Austria, Romania, Slovakia, and Serbia, generating almost half of their sales revenue from export activities. Leveraging high-quality raw materials and collaborating with foreign partners, they produce 14,000 tons of premix annually, in high demand.

Civita Food Kft.: Likewise, the Civita group, which went public this summer with support from Hiventures, aims to enhance its exports and to develop of innovative products.  The company, specializing in corn processing, flour, semolina, corn oil, and gluten-free pasta, sees significant potential in the gluten-free foods market due to efficiency advancements.

The group has established a presence in numerous countries in Central and Eastern Europe with its range of milling products and gluten-free pasta. Through innovative developments, their new milling technology allows for the complete removal of the corn germ from the corn grain, making it suitable for pressing.

Szatmári „Rege” Konzervgyár Kft.: Szatmári Konzervgyár Kft. is a key supplier in the EU’s market for fruit and vegetables, preserves and pickles that are processed without preservatives and are sourced from the Eastern Hungarian region, which is particularly important for Hungarian agriculture. More than 70 percent of the factory’s products are sold outside the borders, with pickled cucumbers being a standout product. The raw materials for production are sourced from domestic suppliers, covering approximately 3,000 hectares, with particular emphasis on controlled organic farming required for organic products.

EKO Konzervipari Kft.: The company, also operating in the eastern part of Hungary, has been producing canned products for more than 50 years. Utilizing modern sealing (vacuum) and heat treatment (sterilization, pasteurization) technologies, they produce preservative-free foods, including green peas, sweet corn, canned beans, and various pickled products. Thanks to their reliable and well-established logistics system covering both eastern and western operations, the company achieves an export rate of around 70%. Following a successful financial restructuring supported by Hiventures, EKO has recently entered joint management and ownership with Szatmári Konzervgyár, providing an additional guarantee for quality production and the continued development of both companies.

Due to Hiventures’ reliable and predictable operations, coupled with their educational initiatives, capital investment is gaining popularity not only in the agriculture sector but also among medium and large companies across various industries. Aligned with efforts for economic development, the capital fund manager has contributed to the development of nearly 40 Hungarian companies by disbursing around 100 million euros over the past three years.